All Forum Posts by: Phillip Davis

@Account Closed I have 2 partners with me and the business and I was trying to avoid giving up equity at the moment as most of the people interested really just wanted to collect a little extra spending money on their investments. I honestly dont know enough about preferred returns and equity shares either, which i now know even more i need to educate myself on; its amazing all the different things you can learn and really grow your knowledge in RE, I love it! Thanks for the response

@Randy Thomason thanks for the thoughtful response and the information. I do not want them on the title of our properties as we are working to build a portfolio of rental properties to fund us for full time investing so the lein idea is great! 12% came from the idea of the average rate of hard money right now is about 12% plus my thought was a high percentage would attach more people which would offset the high rate with higher volume and we have been turning around properties in 2 months so not a long holding period. But you have very valid points.

Hello all,

I have recently been approached by family members as my business starts to grow about them lending money to me.  They are interested in the returns and not in the hands on parts of the business. I was thinking about offering 12% interest only payments on a 12 month term as I am using the brrrr method and will refi out to pay off the loan. 1 member asked me about some sort of collateral like name on the title which i said i didnt want to do, but it made me think what about some sort of lein on the property during the loan? Does anyone have experience with this? How to structure it? Thanks

Welcome Mike, I am in the newaygo county area right now. Dive head first into everything bp has to offer because there are major resources. Feel free to reach out if you want to talk, Best of luck!

Hello all, I am looking for a wholesaler in the west michigan area. Mostly looking in newaygo county as i have some there already. Looking for single family for the brrrr method, feel free to reach out im always open to a great deal. Thank you

Does anyone out there know of lenders that will go shorter than 6 months for a cash out refi? I know about the delayed financing and have searched far and wide and am beginning to think anything less than 6 months is a unicorn! Has anyone seen a unicorn? Please send it my way!  Thanks

Hello all, I have a duplex in Michigan i bought with cash and am looking to brrrr it, rehab is just starting and I have owned it for a couple weeks now. Looking for a lender to cash out refinance, also should note that I live out of state. I would like to refi as soon as I am done with rehab.

I contacted Lake Michigan credit union and was told by a couple different people they don’t do refi for out of state investors, any ideas about this or other suggestions 

Any idea of the seasoning period required Todd 

Hi everyone, looking for banks with little or no seasoning periods for brrrr cash out refi in Michigan, Grand Rapids, Muskegon, Detroit